China’s State Council approved 10 new reactors on Sunday in a vote of confidence for nuclear power to remain central to the nation’s clean energy transition.
It’s the fourth year in a row that China has approved at least 10 new reactors. The nation has 30 under construction, nearly half the global total, and is expected to leapfrog the US to become the world’s largest atomic energy generator by the end of the decade.
The 10 latest reactors are expected to cost a total of 200 billion yuan ($27 billion), according to local media outlet, The Paper. Four were awarded to China General Nuclear Power Corp., to be deployed at its Fangchenggang and Taishan plants. China National Nuclear Corp., State Power Investment Corp. and China Huaneng Group Co. won approvals for two reactors each.
Several Chinese nuclear stocks rose as trading opened on Monday, with CGN Power Co.’s Hong Kong-listed shares jumping 4.1%.
China’s nuclear capacity is expected to reach 65 gigawatts by the end of 2025, according to the China Electricity Council, up from under 60 gigawatts last year. By 2040, the country’s atomic fleet is expected to reach 200 gigawatts and account for about 10% of total power output, according to a report published on Sunday by the China Nuclear Energy Association.
